09 Jun 2010
(MENAFN) Jordan-based Saraya Aqaba announced that its board has approved a plan to raise $300 million in new equity from shareholders to enable the firm to complete a $1 billion Red Sea resort development, Reuters reported.
Banking executives say the capital hike will enable the firm to get further financing to complete the mixed-use leisure and tourism resort located on a 634,000 square meter site on the northern tip of the Gulf of Aqaba, adjoining Israel’s Eilat resort.
Banks have for months been reluctant to extend a syndicated loan to Saraya Aqaba until its leading shareholders invested more money in the project that was due for completion in 2009, sources said.
The firm has already signed deals with Starwood Hotels and Resorts World Wide Inc and the UAE’s Jumeira to manage around 1,100 hotel rooms in the resort that features hotels, beachfront villas, a convention centre, an old souk and a wharf promenade.
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more